Ahmed Ali The Tel Aviv Stock Exchange (TASE) is making history with its recent proposal to introduce regulations that will allow certain select clients to trade in crypto assets. This monumental move is expected to help establish Israel as a global hub for trading in digital currencies and other blockchain-based financial instruments. The proposal, which is currently subject to a public consultation, is in response to the tremendous demand from regulated institutions that are actively engaging in the burgeoning digital asset market. With this step forward, TASE will be joining a select few stock exchanges throughout the world that have allowed for trading in cryptos and other digital assets.
TASE Exchange Poised to Become a Global Crypto Trading Hub
The Tel Aviv Stock Exchange (TASE) recently made history by publishing a draft proposing to allow clients of non-banking institutions to buy and sell cryptocurrencies. The exchange intends to expand the list of authorized activities for such entities in order to add crypto trading and mitigate risks. It is also aiming to enable customers to deposit fiat money for investment in crypto assets and withdraw funds stemming from such investments.
The draft proposal, which was issued by the TASE Legal Department, includes a number of measures to ensure compliance with existing regulations and protect investors from potential risks associated with cryptocurrency exchanges. According to the document, the trading platform must be certified by the Anti Money Laundering (AML) Authority and the Bank of Israel’s Supervisor – just like traditional financial institutions. A special department will be established within the company’s organizational structure to monitor customer transactions and prevent money laundering.
The official announcement follows other steps taken by Israeli authorities towards regulating digital assets. Last week, the Bank of Israel published recommendations for regulating and supervising activities related to stablecoins in the country. In November 2022, Israel’s Ministry of Finance issued its own guidelines for digital asset regulation and the Israel Securities Authority (ISA) released a draft proposal to define the legal status of cryptocurrencies.
The TASE is now among a select few stock exchanges that allow crypto trading, which is considered a major breakthrough in terms of increasing transparency and establishing trust between investors and brokers. By taking these steps, the Israeli government hopes to create an environment conducive to blockchain technology innovation while promoting investor protection.
Overall, it appears that the TASE Exchange is clearly poised at becoming one of the world’s most influential crypto trading hubs. With its new regulations and measures, brokers around the globe can look forward to trading crypto assets with ease on this platform.
The Tel Aviv Stock Exchange (TASE) has made history by taking a bold step towards crypto trading. They have set a new standard in the industry by allowing investors to trade cryptocurrencies, opening up a new level of investment opportunities. By embracing the growing demand for crypto trading, TASE has positioned itself as a leading global crypto trading hub and are ushering in an exciting future of cryptocurrency investments.
